On any given night, one in 200 Australians sleep on the street: that is enough homeless people to fill the MCG. Contrary to popular belief, this is not just a symptom of addiction; 24% of those who are homeless in Australia are victims of domestic or family violence.
To help address this epidemic, Greg Cree established Project for Change Limited (P4C), a benevolent public initiative designed to provide members of our society most vulnerable to housing instability with an opportunity to purchase their own home. The organisation is the first of its kind, a profit-driven organisation set up to make positive social change.
Construction on the first development of the affordable housing initiative is about to begin in Leichardt, on the outskirts of Ipswich in Southeast Queensland. The project, funded by the Trilogy Monthly Income Trust, is set to include fifteen three-bedroom townhouses, two units designed specifically to cater to the needs of elderly inhabitants, and two gold level adaptable units for those with severe disabilities.
Discover more about how the Trilogy Monthly Income Trust paid investors with as little as $10,000 a net rate of 8.00%pa* as at 30 June 2016, while funding projects like P4C.
Trilogy Funds Management Head of Lending, Paul Wood, stated that the Trilogy Monthly Income Trust is committed to funding a wide variety of loans, and he is particularly interested in ethical investments, like P4C. “The great thing about P4C is that it is doing a great deal of social good, while still operating as a profitable organisation. This means that they are not reliant on government funding but instead rely on their profits to continue to develop housing for those at risk.”
The idea of P4C first struck Greg in the aftermath of the 2011 Brisbane floods. “We were driving back from Yeronga, having just fed people, and here’s the rest of Brisbane going to a cricket test at the Gabba. Can’t blame either side. It just struck me – how do I use my core skills in life which are construction and property development to make something change for the better.”
Another factor motivating Greg is the work in Medicine Hat, a little-known town of roughly 60,000 in Alberta, Canada. In 2009, Medicine Hat launched a five-year plan to eliminate homelessness in the region. The plan, based on the “housing first” principle, emphasises getting homeless into permanent accommodation, then providing them with services and support, rather than the other way round. This principle is based on research that claims it costs local government and support services approximately $20,000 per year to house someone, whereas costs associated with providing support to those on the street can reach up to $100,000. The city now says that they have effectively put an end to homelessness within the region, with no one in the city spending more than ten days in shelters or on the streets.
Back in Australia, the first stage of seven P4C properties is due to be completed within twelve months. “Our plan is to have 200 new residences in each of the eastern states every year within two years,” says Greg. With plans as ambitious as these, it is hoped that the development in Leichardt is the first of many as P4C aspires to affect real change among Australia’s homeless.
This first P4C project is one of many loans funded by the Trilogy Monthly Income Trust. To find out more about the Trilogy Monthly Income Trust which paid a net rate of return of 8.00%pa* for June 2016 while investing in loans secured by mortgages on Australian property, visit Trilogy Funds.
*Net rates for the month ending 30 June 2016 are net of fees and management costs and assumes no reinvestment of distributions. Past performance is not an indicator of future performance. The rate of return or the return of your capital invested in not guaranteed. All investments carry risks. A detailed explanation of the risks involved (including the risk of a suspension of withdrawals) is contained in the relevant PDS.
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